Oil has surged past the $100 (£74) mark once again after multiple tankers were struck by Iran.
Shocking footage from Thursday morning showed fuel-laden ships burning on Iraqi waters - with an Iranian strike to blame.
Towering pillars of flame were seen shooting into the night sky, with fellow vessels stepping in to receive the tankers' lifeboats.
The Maltese-flagged Zefyros and the Marshall Islands-flagged Safesea Vishnu were hit in the attack.
One crew member has so far been confirmed dead, with 38 rescued and multiple more missing.
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Iraq's oil ports have "completely stopped operations" following the attack, the country's state media said.
Shortly afterwards, Brent crude oil shot up past the $100 mark.
That rise came despite major countries agreeing to release a record amount of oil from their emergency reserves in a bid to tackle supply shortages.
Britain will soon release 13.5 million barrels as part of an agreement between the G7 and the International Energy Agency (IEA).
Shocking footage from Thursday morning showed fuel-laden ships burning on Iraqi waters
|REUTERS
The UK - and all other IEA members - is required to hold 90 days of imports worth of emergency oil stocks.
Right now, Britain holds 76.6 million barrels of oil.
Back in the Middle East, Oman has evacuated all its vessels from its key oil export terminal at Mina Al Fahal as a precautionary measure.
Iran had earlier stepped up attacks on merchant ships in the Strait of Hormuz, telling the world to prepare for oil at $200 a barrel.
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A military vessel in the Strait of Hormuz, as Iran has stepped up attacks in the waterway
|GETTY
On Wednesday, three vessels were reported to have been hit in Gulf waters after Iran's Islamic Revolutionary Guard Corps fired on "disobeying" ships.
Another container ship was hit by an "unknown projectile" off the coast of the UAE on Thursday morning, the UK's Maritime Trade Operations (UKMTO) said.
That strike took place around 35 nautical miles north of Jebel Ali, a port city near Dubai, and caused a small fire on board.
Thailand has summoned the Iranian ambassador after one of its vessels was also struck in the strait.
Donald Trump has said the war is won, but the US now needs to 'finish the job'
|GETTY
Three crew members, who were believed to be in the ship's engine room when a fire broke out, remain missing after the incident.
The remaining 20 crew members were able to evacuate on lifeboats.
Leaders from G7 countries said on Wednesday they were working to "explore the possibility of escorting ships" through the waterway.
But on Tuesday, the White House clarified the US Navy had not escorted any ships through the Strait of Hormuz, after Energy Secretary Chris Wright claimed the military had in a now-deleted social media post.
Donald Trump said after knocking out 58 Iranian naval ships, the war was won, but said the US now had to "finish the job".
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